SK Hynix will announce its Q2 2026 earnings on the 29th, with securities firms forecasting operating profit exceeding 6.4 trillion won based on explosive memory demand and high-bandwidth memory (HBM) market leadership. The projected Q2 operating profit surpasses the company's entire 2025 full-year operating profit of 4.72 trillion won by approximately 1.7 trillion won. This announcement follows Samsung Electronics' preliminary Q2 results earlier this month, which recorded 8.94 trillion won in operating profit driven by strong performance in its semiconductor division, setting the stage for both Korean memory giants to report record quarterly results.
Securities Firms Forecast Q2 Operating Profit at 6.4 Trillion Won
According to financial information provider Yonhap Infomax's compilation of consensus estimates from 14 securities firms that issued reports within the past month, SK Hynix's Q2 revenue and operating profit are projected at 8.4 trillion won and 6.4 trillion won respectively. When combined with Q1 operating profit of 3.76 trillion won, SK Hynix would generate over 10 trillion won in operating profit for the first half alone. Samsung Electronics will release detailed results by business division on the 30th, one day after SK Hynix's announcement.
Samsung and SK Hynix Combined Q2 Operating Profit to Exceed 15 Trillion Won
If SK Hynix meets securities firms' projections, the combined Q2 operating profit of both companies will exceed 15 trillion won. Samsung Electronics recorded 8.94 trillion won in operating profit in its preliminary results announced earlier this month, driven by strong performance in its DS (Device Solution, semiconductor) division.
Analyst Attributes Results to Long-Term Memory Super-Cycle
Kim Dong-won, head of KB Securities Research Division, stated that "from next year, general-purpose memory supply capacity is expected to remain practically limited due to increased HBM production proportions." He added that "with the increase in long-term supply agreement (LTA) proportions, the revenue share from big tech and artificial intelligence (AI) data centers is projected to expand to 70%." Kim explained that "profit volatility will be mitigated and earnings predictability will increase, leading to valuation expansion expectations," noting that "the 2026-2027 memory upcycle will show clear differences in revenue structure compared to 2017-2018 because B2B sales centered on big tech and AI data centers will reach 70%, indicating a revenue structure transformation." B2B sales proportion was only 30% in 2017 but is projected to reach 70% in 2027.
Operating Profit Margin Expected to Reach 75-77%
Securities firms estimate SK Hynix will record an operating profit margin of 75-77% in Q2, slightly higher than the previous quarter's 72%. If this forecast materializes, SK Hynix will surpass TSMC in operating profit margin in Q3.
Financial Structure Improvements Continue with Net Cash Expansion
Financial structure improvements are expected to accelerate. SK Hynix transitioned to a net cash position (where cash assets exceed borrowings) in Q3 2025 for the first time since 2019, and expanded its net cash scale to 3.5 trillion won by the end of Q1 2026. Financial soundness is expected to have strengthened further in Q2 with continued net cash expansion. SK Hynix is expected to pay productivity incentive bonuses (PI) on the 30th, with first-half PI projected to be set at the maximum of 150% of monthly base salary according to the payment criteria based on operating profit margin.
FAQ
When will SK Hynix announce its Q2 2026 earnings?
SK Hynix will announce its Q2 2026 earnings on the 29th, according to the financial investment industry.
What is the securities firms' consensus forecast for SK Hynix's Q2 operating profit?
Securities firms forecast SK Hynix's Q2 operating profit at 6.4 trillion won, with revenue projected at 8.4 trillion won, based on a compilation by Yonhap Infomax of 14 securities firms' estimates.
How does SK Hynix's projected Q2 operating profit compare to its 2025 full-year results?
The Q2 operating profit forecast of 6.4 trillion won exceeds SK Hynix's entire 2025 full-year operating profit of 4.72 trillion won by approximately 1.7 trillion won.
